larry: with just a little bit of common sense joe biden would open the fossil spigots a long time ago but he's a progressive idealogue and he has no common sense and we americans are paying the price. ♪ ♪ maria: good wednesday mornings everyone. thanks so much for joining us. i'm maria bartiromo and it is wednesday june 22nd, your top stories right now 6:00 a.m. on the button on the east coast. markets this morning are plummets once again. ahead of jay powell's semiannual testimony on capitol hill and after president biden's new plan to get gas prices lower. take a look at futures indicating a decline of almost 400 points right out of the gate this morning, down one and a quarter percent. s&p 500 down 57 and nasdaq lower by 200 points right now almost 2%. this after all three major

indices closed higher yesterday above 2% higher across the board. dow industrials were up 641 points at the close. the nasdaq up 270 and the s&p 500 higher by 89. that was 2 and a half percent. a different story this morning. bitcoin also crashing again this morning. take a look at where it is after plunging below $18,000 over the weekend. it is down from high of nearly $68,000 in november. president biden expected to announce a holiday for the the national gas tax this morning in response to record high gasoline prices. in fact, chevron is responding to president biden's attacks on the oil company and the industry and its profits calling on the administration to clarify the rules on leasing and permitting. chevy robe says it produced the highest volume of oil in gas with u.s. production with one and a quarter million barrels a day in the first quarter. chevron ceo writing letter to the president, notwithstanding the efforts your administration

sought to criticize and vilify our industry. the president responded by mocking the ceo. [inaudible] >> they didn't know they get their feelings hurt that quickly. maria: this morning oil prices are pulling back. sharp selloff as the president is calling domestic fuel cost cuts. that's down 4 and a half percent right now. crude oil at 104.01, down better than 1%. gasoline prices slightly lower across the country at 4.95 a gallon. let's check stocks in europe this morning as wall street markets are sinking. european market this is morning look like this. ftse 100 down 113 in london, down 1 and a half percent. cac in paris down 115 and dax index lower by 291 right now. uk inflation hitting a 40-year high of 9.1%. meanwhile everything in the red

overnight this asia as well, worst performer you can see korea down almost 3%. mornings with maria live right now. ♪ ♪ maria: markets are selling off this morning. let's take a look at top story. president biden responding to criticism from chevron ceo by outwardly mocking him. joining the conversation all morning long this morning is forbes media chairman and former presidential candidate steve forbes. the wall street journal assistant editorial page editor, james freeman and former assistant secretary monica crowdly. great to see everybody this morning. thank you so much for being here. look, no question this administration has been attacking the oil industry and then when mike worth tries to respond explaining the specifics in terms of what they've been producing, president biden mocks

him. steve, your reaction? >> that's all he can do. he has no facts on his side and exxon went after him the other day pointing out they lost $20 billion when things weren't so good. so if you want the oil industry to produce more you have to have the environment to make investments and when you produce the oil you have to get them to refineries and you can't do it, can't expand refinery and can't get leases to drill, can't get transported and get pipelines and goes to saudi arabia and says, please give us more. maria: that's going to happen in the next coming weeks, monica, look, we know that we need a dialogue here but i guess this administration feels that this works attacking the oil companies when we see all the money that they're making. >> this giant pile-on of the energy sector and it's really no surprise because biden was president obama's president and we saw this for 8 years, maria, president obama constantly attacking the energy sector.

and the bigger reason is that they talk a lot about wanting to effect the green new deal and concerns about climate but that is sort - a topline superficial concern and i'm not minimizing that they actually care about those issues, but the real issue behind all of this is that the energy sector is the biggest of them all for the far left in order to leverage it for the fundamental transformation of the u.s. economy. so their major objective is reengineering the relationship between the government, the economy and the individual and the greatest way to do that is to change radically the energy sector and that's why they continue to attack it and they continue -- will continue to do so. maria: james, the climate agenda is permeating throughout the government. i love the editorial board piece, woke mandate for the federal reserve because it's even the federal reserve. your thoughts? >> that's why when you see gimmicks like the gas tax respite and we lick lower taxes but this is doing nothing to

increase supply. this is meant to deal with the short-term politics. you look beyond that and it is a whole of government approach to making it more difficult, expensive to use fossil fuels, to consume fossil fuels. you have the federal reserve pursuing it. you've got the sec which usually you worry about investor disclosure doing climate regulation. what do they know about climate? maria: they are acting like the epa. >> you see it across government and it's going to hit everybody. by the way, i know the president is enjoying beating oil companies as if they are surge of greed that coincided with inauguration but this is going to hit everybody in terms of higher costs, obviously we see it at the pump but in terms of businesses, new reporting requirements does nothing for profitability. it's just about injecting politics into business. maria: so bottom line is this

going to work? the president is calling on congress to suspend a federal gas tax. the market is lower, is this going to work? >> it's not going to work ultimately and it's typical when you have a bad inflation. they look for scapegoats. back in medieval time they went after witches and today it's oil companies and it's not going to work, make the situation worse. we will look up jimmy carter. >> another stimulus, right, it's only going to make the inflationary environment worse. maria: great point. more dollars chasing fewer goods. more economist raising alarm on recession risks as white house maintains they do not see a recession in the horizon. we will get that with more and the fed with kansas city president tomas homan and why so

many americans are frustrated with the commander in chief. you're watching mornings with maria live on fox business, stay with us. ♪ ♪ ♪ lemons, lemons, lemons. the world is so full of lemons. when you become an expedia member, you can instantly start saving on your travels. so you can go and see all those lemons, for less.

say goodbye to daily insulin injections. omnipod is a tubeless, waterproof pod built to simplify life with diabetes. try it today. go to omnipod.com for risk information, instruction for use, and free trial terms and conditions. consult your healthcare provider before starting on omnipod. maria: welcome back, futures indicating a sharp decline at the start of trading this morning. dow industrials down 250 points. nasdaq down 183. s&p down 52 this follows relevrally yesterday. the dow, the s&p 500 and the nasdaq all closed up in a technology-led rally, but reversed course this morning, joining me right now bellpointe asset management chief strategist david nelson. thank you very much if being here this morning. >> thanks for having me. >> what do you think of the volatility? >> it's pretty uncomfortable.

we are in the bear market. we still that have. rising rates is crypto night for assets. the good news that a lot of valuations have come in. a lot of stocks down 80 to 90%. what i'm looking at is at the bond market and bond market is giving a sense of what the rate is going to be, 3 and a half, 4%. we have 8% consumer inflation. that's quite a bit. maria: earning season right around the corner. here we are weeks away from quarterly reports coming out. how much of the slowdown is price intoed the market, are we going to have another selloff during earning season? >> there's a huge disconnect between what analysts are telling us and stock prices are telling us. amists have -- analysts are raised estimates. maria: did you know that they were raising estimates, james? >> i'm wondering why you're skeptical about it because it means like ceo's are not

particularly optimistic right now, wouldn't companies be guiding them right now. >> i'm an analysts i make mistakes all of the time. i think you have to take whatever the number and cut it by 10%. maria: steve, either is expecting that we are in a recession now or we will see a recession in the summer and ceos are joining on recession calls, global recession nearly 50%, steve, federal reserve jay powell will head to capitol hill as you know and testifying on semiannual talk on monetary policy. steve: the only way that they know how to fight inflation is crushing demand which means inflation, stabilizing the dollar, they sort of did that in late 80's, 1990's, more constructive way to do it. it's out of their vocabulary now. suppress and demand. i believe that they asked powell

why do you mean making people for so prices can come down? what disasters do you see possibly lurking when a situation like this always precipitates? >> i was watching bitcoin go through 20,000. i got pretty uncomfortable and i start it going up and i saw the elon musk and supported doge coin. there's probably something out there. maria: it's good point and good to bring up because, monica, the other day larry mcdonald was on and he said the marks on private and venture capital are off $600 billion. >> that's one of them. you have seen noted venture capital, he's already said the

next marks are significantly lower. maria: monica. >> nobody is prepared for the contingencies, certainly not the american people. i'm not even sure that they're prepared for a recession. i agree, maria, i think we are in one. i would love your reaction, steve too and james, why did the federal reserve wait so long to tighten the money supply? we were all screaming for well over a year that inflation was likely to become deeply entrenched and yet no movement on the fed until recently. >> it's hard to understand. i think they understand they made a mistake and they thought this was going to be transitory. obviously it wasn't. the question are they moving fast enough at this point but like i said before, 4% terminal rate, we have 8% consumer inflation. that's not -- they may not be enough. maria: they were buying assets acouple of weeks before they actually hiked rates, james. >> ish sane. james: the balance sheet has

only began to shrink. rates negative in real terms so you think they have a ways to go but, i guess, flipping it around this economy is still pretty low rates. we still have a competitive tax system. i mean, i don't think we are doomed to a recession. >> we are not doomed but what's happening is and steve and i were talking about this earlier as rates arise, a lot of institutions like insurance companies, endowments, pension plans need less equity. they are pulling it out and fund future liabilities with corporate bonds, fixed income. maria: dan niles made a great point last week when he was on this show, the reason the markets flipped out because of swiss national bank, they are thinking that they will start dumping tech stocks and exacerbate this selloff which i thought was a great point. david, good to see you. thank you very much for coming in in a busy morning and

certainly busy period. morning movers tesla and twitter are on the move. twitter down 1 and a half percent just under, 1 and a half percent decline. its board unanimously recommended to approve elon musk. the 3 issues stalling the sale. approval and he still wants to neglect about the wrote with thes on twitter. tesla down 2 and a half percent right now. the company is facing a law enforcement from a former employee over mass layoffs at a nevada giga factory. they claim the company violated federal law that requires employers to notify workers 60 days in a advance before shutting down a plant before laying off 50 or more workers at the same site. sounds like europe. quick break, president biden's plans for a scary future. >> we need more money to plan for a second pandemic. there's going to be another

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>> we do need more money but we don't just need more money for vaccines for children eventually. we need more money to plan for the second pandemic. there's going to be another pandemic. we need to think ahead. maria: the second pandemic. that was president biden saying that the u.s. needs more money to plan for the next pandemic this as i've been reporting all money from covid relief package has not even been spent yet. inflation at 40-year high. joining us arkansas congressman french hill, the member of financial services committee. congressman, good to see you. thank you very much for being here. i want to get your take on how much money has gone out of $2.9 trillion package but before we get to that, do you have any information for us on another pandemic? >> i have no information about another pandemic. i had not heard that comment

from the president before. i think preparation for the pandemic is super important. i think we were caught at low tide with no bathing suit back in february of 2020 which is why i introduced the save act which has passed the house twice but has not pass full congress and gone to the president. the save act would insist that we do that planning for medical supplies and pharmaceutical ingredients by using defense production act to make sure that we are ready if we ever have another one. but it's not a function of more money right now. maria: that's very smart and about that money, the covid relief package was passed into law in march of 2021. a lot of people at the time said that this is going to be inflationary. the administration pushed back. the democrats pushed back wanting to push through their green agenda. now here we are with things like eggs up 33% year over year and meat up 17% year over year. your thoughts on that money in the covid relief package because

your colleague congressman jason smith on the budget committee told me that the money hasn't been appropriated so that's why he's expecting inflation to stay elevated. how do you see it? congressman: i agree with congressman smith. we have trillions of dollars that was appropriated in 2020 and 2021 and much of that is still lodged and been distributed at the states and it's not spent and don't forget the $2 trillion in unfunded infrastructure spending that was authorized last year that will also be appropriated. so there's tremendous fiscal stimulus demand side money still pouring out of washington from bills that were already passed in 2020 and 2021. maria: so just to be clear, you do think inflation stays elevated or gets worse as the money gets appropriated? >> i do because, look, i think the cpi is actually still understated right here because of housing. i think rental expenses and the

fact that it's a lagging indicator in the cpi says that we have elevation in the cpi this year into the face of a slowing economy. maria: all right, so what are you expecting to ask jay powell? congressman you said the fed waited too long to address inflation. we've all agreed with that, tell me what you're expecting from jay powell on capitol hill this week. congressman: right, i think members will ask jay powell about two big key issues. one he has acknowledged that inflation is not transitory and not peaked and that the fed is behind the curve so asking him what his strategy is in shrinking the balance sheet and raising rates in order to make sure that inflation is not embedded in the economy, that's number 1. number 2 is the fed is pushing back on house democrats and joe biden who say they want another mandate imposed on the fed. they want racial equity and socioeconomic policy to be centered at the fed. that's not the fed's statutory job.

we need the fed focused on its core mandate, price stability and i've introduced legislation to force the fed to have that as principal mandate because inflation is a thief and you just gave great examples of it. maria: we are all feeling it. james freeman. james: congressman, i'm wondering chairman powell and colleagues obviously have some work to do in terms of rates and shrinking that balance sheet. is there bipartisan support for the fed right now to do what they have to do to tame inflation? congressman: james, i believe there is based on the comments by my colleagues on capitol hill and certainly president biden's oval office presentation he made with secretary yellen and jay powell. he believes in the fed independence and that the fed needs to do its job but, look, james, these are some tough months ahead of us if we are really going to see jay powell channel inner paul vocal and

tackle inflation. steve: i'd ask chairman powell making people poor the only way to fight inflation. in the late 80's, early 90's there was a better way to do it. >> steve, you're right. unleashing america's workforce and unleashing america's energy to bring down not only our prices but also help our allies in europe. we never focused on that. we are always stuck in this world and stuck in the past and i agree with steve forbes. we need to be doing things to free up the american economy and get people back to work and lower prices here but work effort and by unleashing american energy which goes into every product that we consume. maria: instead of continuing to push more money spending, right? the is still about build back better, the agenda, they want to do that in another

reconciliation package. >> even joe manchin is talking about building back better right in the recession and raise rates to fund green deal priorities. hold your thank you not before stopping build back better. maria: congressman, good to see you. thank you very much for weighing on all that. french hill joining us this morning in dc. quick break and then attorney general merrick garland making a surprise trip to ukraine as the president stays numb on whether or not he will show up. we are on it coming up. summer's worst treat, find out what condiment makes up the icy popsicle next. ♪ ♪ ♪ this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery.

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only at vanguard, you're more than just an investor you're an owner. that means that your goals are ours too. and vanguard retirement tools and advice can help you get there. that's the value of ownership. maria: welcome back, good wednesday morning, thanks very much for joining us this morning. i'm maria bartiromo and it is

wednesday june 22nd, take a look at markets. it is going to be a rough one at the office. better than 1% lower, we are looking at triple digit losses for the nasdaq as well. the nasdaq down 183, that's one and two-thirds percent at the s&p 500 lower by 51. all three major indices closed up in a relief rally. all the majors up better than 2%. s&p 500 and nasdaq best performers up 2 and a half percent on the session yesterday. 270 points higher at nasdaq at 4:00 o'clock on wall street. take a look at oil, one of the stories of the day, major stocks sinking this morning on president biden's plan to offer gas tax holiday to offset rising prices for gasoline. all the major oil stocks down across the board. elsewhere female republican candidate notching victories in two virginia races as midterms

take shape across the country. cheryl casone with the details. hey, cheryl. cheryl: good morning to you, maria, former police officer leslie vega in gop house primary. virginia house candidate jim dominating in district 2. kiggins will face incumbent who was vulnerable after redistricting in this military heavy electorate. trump backed katie, sixth gop congressman, brooks to run in alabama. collins securing victory in georgia's house runoff race. dc mayor fending off 3 challengers to win her mayoral primary and henry cuellar declaring victory over jessica cisneros after very close recount. well, the senate beginning

debate on bipartisan gun reform bill following the mass shootings in texas and buffalo. this includes fennel health funding and enhanced change. biggest change to firearms in decades. more bad news for netflix, getting ready foranother round of layoffs weeks after company fired 50 full-time employees with 140 animaters and contractors. netflix has lost 70% of stock value since the spring when it announced it lost 270,000 subscribers. the stock down almost 2% this morning. finally this, maria, what would be the worst dessert idea is this, frenches are known for condiments, ketchup flavored popsicle just in time for summer.

100% tomatoes, ketchup and popsicles. my question to you, would you? maria: where are the french fries? no i would not, cheryl. would you guys? >> it's hard to put a popsicle on a hot dog. maria: thanks, cheryl. u.s. attorney general merrick garland making surprise visit to ukraine meeting with top prosecutor to discuss efforts to investigate war crimes. ag garland's visit coming one day after president biden said it's not likely that he will visit ukraine during his trip to europe later this week. biden has not visited the country since russia invaded. joining me right now center for american security co-chairman fox news contributor former national security adviser to vice president mike pence and the author war by other means. a general in the trump white house. general keith kellogg is here. general kellogg, congrats on the book. thank you very much for being here this morning. >> thanks, maria. thanks for having me. maria: should president biden be going to ukraine?

>> maria, absolutely. look, everybody seems to have gone, macron from france, johnson has gone and at least kamala harris should go and i think president biden should go because it sends clear message and when you look at the leaders have gone to kyiv or even to live -- lviv where garland is right now. frankly he should go there. maria: it seems odd to have the attorney general going to ukraine. shouldn't he be investigating all of the crime to spike the country, to go to ukraine, i don't get that but he's in place of the president. look, general, russian president vladimir putin is also taking part in first major multilateral meetings since country invaded ukraine and he will do that in virtual bit summit and meeting

with leaders with countries that have not condemned the war like china and india. your thoughts on what comes out of this brick summit? >> there's two different alliances, those against invasion of ukraine by russia and those supporting the russians. and you're going back to a bipolar world on strategy and it's either us or them and it's in portion with the way putin understand he's under siege but i think he's looking not at the military advantage that he's going to gain from this because there isn't any but the economic advantage he's going the gain from the chinese and the indians as well so he's playing the game and playing it very well. i hate to say that but he is and you can see the pressure that he's applying on those that are his friends from the un to underlying nation that is you're seeing now, everywhere africa to india and other places as well. maria: i know that this week in washington they are marking up the defense authorization act and we are likely going to see

higher numbers in terms of defense spending but assess the environment for us because we are looking at russia and its aggression on ukraine but it's really china that is the major adversary. are we prepared in terms of readiness for anything from these adversaries? >> that's a great question because it's almost you're looking at the biden administration, doesn't have a real good ability and agility to act on various crises. look, just the other day, china sent 39 aircraft, third largest into the air defense identification zone of taiwan. that's at the international air space and it's identification zone and the taiwanese have to react and they sent out bombers as well. they are doing that deliberately and testing us and you see probably 814 of wall street journal that nobody seems to really care.

in our ability needs to be able to react in the sense that the national security team that the president has around him needs to be able to dance to that music and the music that's happening in ukraine as well. i don't see that. they seem to be fixated only on one thing that they can't bounce to taiwan or iran or the middle east or what's actually in ukraine as well. so it's really kind of disappointing to see it right now. ♪ ♪ ♪

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maria: and i'm back with general keith kellogg. general, sorry about that. the microphones head an issue here onset but i want to get your take on this. the russian government said that it cannot rule out the executions of two american military veterans. they're believed to be captured by promoscow fighters in ukraine. you know that. jacqui heinrich asked national security spokesperson john kirby, listen to what he said, i have to get your reaction. >> what do you make that the

americans captured in ukraine aren't covered under the geneva protection -- >> yeah, we've seen the comments by mr. paskov with respect to this not ruling out certain protections. i would tell you a couple of things. one, we are still are trying to learn more about these two individuals. okay, number 2, it's appalling that a public official in russia would even suggest the death penalty for two american citizens that were in ukraine. maria: general, this i find outrageous. i mean, here we have president biden worried about upsetting vladimir putin at every turn. he doesn't even want to send certain weaponry because it's going to upset vladimir putin and now we have two americans that were captured by russia? >> yeah, you know, maria, the russians have said they are not covered by the geneva convention and therefore subject to death penalty.

the president needs to come out and say something. they are sending us a miami, that's very clear. the russians don't do anything in isolation. they read the battlefield, they read the political environment and respond to that. we need to respond strong as well not through a spokesman but the very minimum you have to have tony blinken out there making a comment about it. it is outrageous. they should be covered by the geneva convention. uniform combatants within the ukrainian military and they should be treated as such but they are playing this game right now that you're seeing what's happening in ukraine when they are trying the russians as well as what's happening with the people they have captured and recently sent to death in donbas region by the separatist. this is a political game, we need to understand this. the soldiers are the ponds and senior leaders need to stand up and say that, not spokesman senior leaders. maria: just extraordinary, general. it seems like our adversaries have gotten the message from the botched withdrawal from afghanistan. real quick before you go, any

thoughts on this upcoming trip that the president is going to take to saudi arabia? >> yeah, well, a little bit -- that story didn't play out well when he really den gaited mbs, mohamed solomon, the crown prince of saudi arabia. mbs has been absuperintendent of not taking biden's phone calls and it's going hand in hand. it's a mistake. i don't care who you are and what adversary, yap have to keep them on good terms. trump did a great job on that. he would talk to adversaries as well as allies and keep them on notice but you have to keep the conversation up and biden just ignored the conversation with mbs. maria: general, great to get your insights, thank you so much for being here. >> thanks, maria. maria: general keith kellogg, quick break. time for the hot topic buzz, a career low for joe, a now civics poll playing president biden's approval rating at just 32%, even democrats are expressing

frustration at low 69%, civics noting that recent presidents have all had temporarily low approval ratings but biden's trend line has been steadily down since may of last year and i think one thing to note here, guys, is the fact that independents are running from joe biden, hispanics, even businesses questioning if he attacks them, monica. >> so the biden presidency is in a historic catastrophe and the american people know it. that's the worst in his term in american history and for very good reason. and, maria, to your point, it's not jury independents hemorrhaging away from the democratic party but the democrat constituencies, black voters, women voters, latino voters, young voters, they are all leaving the democratic party and they are coming to the republican. maria: steve, they are feeling the policy. steve: this is where joe biden

actually lies to the american people and says things are great, the economy is doing well, no trust, they don't trust you, they are not going to approve whatever you do. they just don't believer it. maria: it's also really expensive out there. james: inflation drives so much, it's messagers to the white house to shoot -- remember when quinnipiac had him in the 30's, white house says it's an outlier and started to attack the methodology and other polls come closer to that leverage. i think they will have to face reality at some point. the easiest way to turn that around, step 1, rule out a tax increase, stop with the build back better effort. maria: yeah, well, we are going to take a break and take a look at the build-back agenda because we are asking the question how green is too green and how expensive is this green agenda. more companies telling the sec that their climate change rules are too burdensome. ceo alex sánchez is here in

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putting out 500 page rule on climate change. these aren't scientists. this is the type of he debate that should happen amondays t wd officials. these faceless bureaucrats want to make the decision for us. what that trying to do is they're trying to starve capital from industries that are critical to america and the result of this is going to be more inflation, higher prices and it's going to make our nation less competitive as a whole. maria: that was bill haggerty on this program yesterday on the impact of the securities and exchange commission's proposals on climate change. the agency's plan forces all public companies to provide detailed reporting of their climate related risks, emissions, net zero transition plans. they want to know what the risks are from the company, the partners, the customers. joining us right now to talk about the the impact a is florida banker's association ceo alex sahn chess. sanchez. >> it's great to be back in studio again.

maria: thanks for coming on set. you had gina mccarthy, the climate czar, saying the other day that big tech should be censoring any talk on social media that is against this climate agenda. give us the impact on the banks p. >> you know, maria, look, this is another failed policy of the biden administration. they couldn't get a law passed through congress. so what do they do? they try to use the agencies done through rule. they're using the s.e.c. and bank regulators to enforce their green policy on our industry and many other industries and this by the s.e.c. is an incredible intrusion that will delist -- we have over 600 banks that are listed on different -- on the nasdaq and others and it will delist them and the countless others that will not register with the s.e.c. and become publicly traded. we need community banks to grow and a great way to do that is by

raising the capital in the public markets and being listed and being s.e.c. registered. maria: gamings wrote about this in the -- james wrote about this in the journal a number of times. you're saying the companies will have to he delist. why. walk us through the staggering fees t cost of this. i want james to jump in. you wrote about this, you're seeing it throughout corporate america, the pressure. >> community banks and smaller regional banks who give over 50% of small business loans to -- we're an entrepreneur society. we don't want to be like canada with seven banks. they give 50% of small business loans that are a million or less and 60% of americans work for small businesses. this is a vital sector in our economy. so if you're a community or smaller regional bank listed on the s.e.c. register, you've got to disclose speculative climate related risk, climate related effects on strategy, business model and outlook, board and management oversight of climate

related issues. maria: holy moley. >> processes for identifying climate risk. checking out the carbon he'll mixes footprint of all your -- carbon emission footprint of all your customers. they can't afford that. if the biden administration wants to do away with the fossil fuel industry, let them pass a law, making them illegal and our banks will not bank them but to say through rules -- maria: that's a good point. >> it's wrong. and even the regulators in switzerland came out last week and said, you know, maybe we're getting this wrong. maybe the bankers should not be the climate police. maria: yeah. >> so there is acknowledgement by even the europeans who tend to be more liberal and pro green are acknowledging maybe this is the wrong path. maria: the s.e.c. is acting like the epa. >> the huge risks, and the paperwork, the compliance is so massive that it will force companies to say we can't afford

to be public companies. >> right. >> they'll have to go another route. i'm wondering, though, on the bright side -- you talk about even the bank of international settlements, not exactly known as a hot bed of free market libertarians saying this is going too far. i'm wondering, i don't want to get too optimistic, but it does seem like you are seeing more of a business reaction. we've kind of gotten used to unfortunately in recent years seeing big corporations knuckling under the leftist political agendas. >> right, right. >> here, i sense a fairly broad segment of big business saying this is going too far. it's too expensive. it's too difficult. and this -- you're not the epa. you're the s.e.c. you don't know what you're doing. never mind whether it's a smart agenda or not. >> but james, great point but as a the senator said a few moments ago there's no accountability of the s.e.c. that's why the biden administration is hiding behind

the s.e.c. and other regulators to get it done. they could not get it done through congress. look, i think that -- look, our bankers care about the environment, our bankers are a reflection of the local economy. look at a state like florida. the environment is very important to us. without the beautiful environment, our economy wouldn't be as strong as it is today. >> do your banks feel pressured not to lend to fossil fuel projects? >> well, that's -- not yet. but i've told them and people like congressman blaine lukameyeer and others have said we don't want another operation choke point, remember president obama's attorney general was trying to close accounts of legal businesses. once that begins, i told them to notify me so i can get it to the right people in wash a ton because this cannot be -- washington because this cannot be tolerated. maria: the s.e.c. is investigating portfolio managers and how much of the portfolio is

esg. and what isn't. so it's all like you said whole of government. alex, thanks for holding the right flag there and fighting back on this. >> good to see you. maria: alex sanchez. steve, james, monica, stay right there. the next hour of "mornings with maria" begins right now. ♪ maria: good wednesday morning, everybody. thanks very much for joining us this morning. i'm maria bartiromo. it is wednesday, june 22nd. your stop stories right now -- top stories right now, 7:01 on the east coast. we have a triple digit selloff ahead of jay powell's testimony on capitol hill and after president biden's new plan to get gas prices lower. futures down 351 on the dow industrials right now, s&p 500 down 51, and the nasdaq lower by 182. this after all three major indices closed up yesterday, all across the board with a gain of 2 and-a-half percent on average.

we've got the nasdaq yesterday up 2 and-a-half percent, s&p 500 higher by 2 and-a-half percent. bitcoin is crashing again after plunging below $18,000 this weekend. down from a high of nearly 68,000 back in november. president biden expected to announce a holiday for the national gas tax this morning in response to record high gasoline prices. chevron responding to president biden's attacks on the oil company and the industry, because of its profits, calling on the administration to clarify the rules on leasing and permitting. chevron said it produced the highest volume of oil and gas in its history last year with u.s. production -- the ceo wrote not notwithstanding these efforts your administration has sought to criticize our industry. the president responded by mocking the ceo. >> do you have a remark on

chevron's ceo today. >> i didn't know they would get their feelings hurt. maria: oil prices are pulling back nonetheless. the president calling for domestic fuel cost cuts, the price of brent at 110, 09, down almost 4%. crude oil is 104, 53, down almost 5%. gasoline prices also slightly lower this morning, national average right now $4.96 a gallon across america. european markets this morning are also selling off, take a look at the eurozone, the ft 100 is down 93, cac is down 95, dax index lower by 250. u.k. inflation, well, it hit a 4 40 year high of 9.1% this morning. everything in the red overnight in asia, worst performer there was korea and hong kong, do you think each 2 and-a-half percent. "mornings with maria" is live right now. it is time for the word on wall street, top investors watching your money. joining me right now is the fitz-gerald group for instance pal, keith fitz-gerald, chief

investment officer, peter anderson. thank you for being here. peter, kicking things off with you with the market selling off once again this morning, down in the triple digits as the president's climate agenda creates new costs for corporate america and a lot of people are worrying about earnings estimates being too high going into the next quarterly reporting season which is just about two weeks away. citigroup by the way joining in on the recession call, economists seeing a chance of a recession globally at 50%, peter. how are you investing in the face of all of this? >> well, you know, 50% actually when you look at capital markets, maria, that isn't that bad. if you can be right 51, 52% of the time, that's okay. believe it or not i'm not that fearful about a potential recession. i think that this is slightly overblown. i think we are just emerging from covid and the lockdown so anything goes. and i'm looking forward to, say, six months to 12 months out from now. i do think the market will be

higher. so for those that have a horizon greater than a year, and do not need cash for tuition payments or anything else within the next short time i would say you should start to become fully invested and that's what i've done. any new client coming in today, i still fully invest them as long as they have, and this is the caveat, you need to have a longer term horizon. you cannot be invested for the next six months. maria: you're looking at opportunities where to buy into stocks that have gotten crushed? >> absolutely. and as you know, that is a wide basket right now. but my favorite stock, my favorite technology stock, technology even and growth stock. nvidia has been just destroyed, along with all the crypto -- sorry, crypto, i'm not an investor in. but cyber security i am and anything that provides data storage, all those things, we're just turning a blind eye to that right now and we know going out

into the future we will still always need those service as opposed to something like crypto which as you know i am a very, very bear on that asset class, if you can call it that right now. maria: you've been right on that. it's crashing again this morning. but keith, one place to be this year has been energy. oil stocks are still up year-to-date, even they started to roll over last week. the national average for a gallon of gas right now is below $5 a gallon as brent and crude pull back as well. you know the story of the morning. president biden is calling on congress to cut taxes on fuel. he wants to have a federal gas tax holiday. we're going to hear from the president today at 2:00 p.m. eastern. what do you do on this call? >> well, i think first thing i'm going to do is turn off the volume so i don't have to listen to his nonsense, frankly, maria. it's really an insult to the american people. even if he does get his gas tax, you're talking about 14,

15-cents off at the pump, maybe a couple percent for the american consumer. it's double from where it was when he took office. there's a lot of demand. the world is going to reopen. i think further that his tax will make it worse, i think prices will continue to escalate as demand comes online and as the system continues to go. we haven't gotten a lot of the supply chain online. to me a company like chevron and exxon are places where you want to go especially as prices roll over and especially if you're interested in income. maria: netflix is also down in the premarket. the company says it's bracing for another round of layoffs expected to happen at the end of the week. take a look at the stock, it is down almost 71% year-to-date and reported a loss of nearly 200,000 subscribers in the first quarter. keith, is this the beginning of more to come? we're all talking about recession. on a practical basis, what does that mean? that means job cuts. >> well, it means job cuts, it

means layoffs, changes in the way you do business. i got a lot of flack calling that stock a bug in search of a windshield. i don't think problems are over for that stock. there's a lot of competition. people are getting out, watching less television. the competition in the streaming space is significant. there's no defense. i don't think it's a buying opportunity. it's going to get worse. i don't know how low it goes. i would love to short the thing if wall street will give up the ghost. they haven't yet. maria: you're looking at growth. is this an opportunity or do you want to stay away. >> i think if you have reasonable thesis for certain growth stocks it's a great place, a great entry point. i'm not calling the bottom. we could go down deeper but we're closer to the bottom than we've ever been and just one other point. i would think that cryptocurrencies, finally some experts are starting to weigh in on this. i don't know if everybody is

aware. the early part of this month, 1500 specialists sent an open letter to congress criticizing all of crypto and urging them to seriously reconsider and think deeply about how they should treat crypto going forward and i think this is just the beginning. i think you're going to see more experts that are not using crypto but are coming out and finally starting to express their true opinion against a lot of resistance right now. maria: we'll leave it there. great word on wall street. we appreciate your time this morning. we'll see you soon. thank you. much more ahead this morning. coming up, chicago police give criminals the green light to run for it. we'll get you the latest on the city's new policy. wait until you hear this. and then the former navy seal who killed bin laden, rob o'neil is in the house, he'll join us along with the crypto dot-com ceo russ davis to talk about the first ever military

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maria: welcome back. los angeles district attorney george gascon defending his soft on crime policies after his office allows a gunman who killed two police officers to be out on the streets, justin william flores who had a criminal history was on probation at the time of last week's shooting. chicago is barring police officers from chasing offenders in some cases. there's a new policy that officers will have to establish reasonable suspicion that a person has committed, is

committing, or is about to commit a felony in order to pursue any criminal as they're running. >> this is why -- maria: no words. >> this is why joe biden's trust level is so low. he says on one hand i'm supporting the police. then you have this kind of nonsense. people know, they say one thing and do the exact opposite. and people are reacting. that's why i think there's going to be this landslide in november. they're sick of lies, treating americans like stupid children. maria: what's the point of this? why -- >> it's -- don't call it an ideology, it's itiology. the only reason you have crime is root causes, if you're nice all will be well. >> it's more sinister than that. remember that for years george soros poured $40 million into supporting these radical left wing district attorneys across the country. maria: why. >> it's not just la, it's in

new york, st. louis, chicago, seattle, san francisco and the reason is because when you're dealing with these kind of basically marxist, in order to get the revolution going you need chaos and so turning out violent criminals and communist regimes have done this for decades, they turn out violent criminals onto the street to stoke chaos, to have law abiding citizens in a constant state of paralysis and fear and they're able to gain ever greater power and control. it doesn't make logical sense to us but to these revolutionaries it makes perfect sense. maria: unbelievable a, james, was do you say. >> if you ask what's the thriving society, what's the great civilization built by progressive leftists, there's a long pause. everywhere you see the progressive so-called governance it's a hell hole. i think, you know, look, if they can turn around in san francisco -- san francisco voters kicked out chasabodine.

they're going to get more signatures before the deadline in a few weeks. a few hundred thousand more i should say to make sure that they have more than enough, the registrar makes some ineligible. in all likelihood gascon's recall is on the ballot in los angeles. you might have said unlikely a while ago. after you saw san francisco, i think in la people similarly want a turn toward sanity. maria: look at how many people have been attacked, have been killed, have been a victim of the crazy policies. >> they say it's all because of racism. that's their card. you see it here in new york. they still won't change the no bail law. maria: right. no, cashless bail, yeah. >> these policies are really dragging down democrats at all levels starting with the president but all the way down, governors, mayors and so on. their view when you're talking

about radicals, their view is you can't make a socialist on omlette without breaking a few eggs. if they have to lose congress and district attorney's offices, they will do that in order to advance the ball. they're willing to take two steps forward and one step back. maria: the same with the climate change policy as well, same thing. we'll take a break. when we come back, national security council spokesperson john kirby says putin is weaponizing the food supply. mary kissel is here. she will weigh in on that when we come back. don't miss that, right after the break. ♪ only at vanguard you're more than just an investor you're an owner.

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aspercreme arthritis. full prescription-strength. reduces inflammation. don't touch my piano. kick pain in the aspercreme. >> president putin is no kidding weaponizing food. let's just call it what it is. he's weaponizing food. he has a essential blockade in the black sea so nothing can leave by sea. that's how ukraine has historically gotten its grain to markets. maria: national security council spokesperson john kirby yesterday on the global food crisis russia is aparently create. ukraine is one of the world's largest producers of wheat, corn and sun flower oil. joining us now is former advisor

to secretary of state pompeo, mary kissel. it's good to see you. >> thanks for having me, maria. maria: do you think we're going to see a massive food shortage. let's start there after kirby's comments on what russia has done in terms of the ukrainian port. >> we here in the united states thankfully probably will not be affected because we're blessed with bountiful agricultural supplies but the middle east, africa, certainly could seashor shortages. maria: we're seeing shortages of oil. the president is scheduled to make a trip to saudi arabia next month, wants to ask the kingdom to increase oil output as gasoline prices remain at record highs. i spoke with mike pompeo about the threat of trying to work with iran. he weighed in on the upcoming trip to saudi. watch. >> i hope the fact that he's taking a trip there will convince the saudis, even opec to produce more energy.

i think that would be a good thing for the american people. but when you side with the iranians, when you side with the world's largest state sponsor of terror against israel and against saudi arabia and against the emirates, those leaders in those countries no longer have confidence in the united states and the chance that they're going to do a solid for joe biden is exceedingly low. i hope he can turn the course there but make no mistake about it, they set the mark when they made this decision to walk away from the abraham accords and the peace and stabilities they brought to the region. maria: and i heard you can't even say abraham accords in the white house today. your expectations for this trip, mary. >> look, president biden alienated mbs and saudi as soon as he came into office. he withdrew support for military efforts against the iran backed houthis in yemen who were shooting rockets into civilian areas. he did everything that he could not to talk to mbs and appease

the iranians. secretary pompeo is exactly right. i wrote a note about this to go hat in hand to the saudis really mbs is going to say, well, look, i'll be here a lot longer than you will and he's forming a much closer relationship with communist china. be in fact, he's even said why don't we integrate the belt and road project with vision 2030 in saudi arabia. so he has really hedged his bets here. i think it's good that the president is going over and in fact to give the administration some credit, they are talking to the saudis about extending the abraham accords and trying to get the saudis to formalize the relationship with israel. that would be a good thing. there's a lot going on in the middle east. there are new ties being formed because the nations of the gulf are alarmed at our appeasement. you had a trade deal between israel and the uae is that significant. you have he potential missile defense in the region that's excellent. mbs is on a tour of egypt,

jordan and turkey. there's a lot going on there but we're not driving it. it's the fear of iran that is driving all of these developments. >> could i just ask you, what you described is critically important and a direct result of the abraham accords, the economic integration happening across the middle east, it's a stabilizing force and so important. they're doing it without u.s. support from the biden administration. they're doing it on their own which is remarkable. but can you speak to how the saudi regime views the biden administration and is viewing biden's visit. is mbs just rolling his eyes that the american president is coming hat in hand, begging the saudis to increase output when we sit on the greatest energy resources in the world. maria: i don't think that the administration even mentioned mbs' name. >> no, they didn't. how do they view the administration? well, saudi arabia's had a relationship with the united states since mbs' grandfather, so we're going back decades.

they're always going to have some kind of relationship with us. the question is, are we going to support them in their efforts to create a stable middle east. that's what we want here. that's the goal, right. so we have peace and prosperity and we don't have to have u.s. troops going over to that region because we have some sort of conflict. the irony of the biden administration approach, the more they appease, the more volatile and chaotic the world becomes. we see this in asia. we see it now in ukraine with the cost of many, many thousands of lives. >> i was curious. we a report a couple months ago that the em rates were not -- em emirates were not taking phone calls. i was curious how they view biden. >> we have a lot of american private investors pouring money into saudi arabia. i get calls from clients all the time, where are you, i'm in riad doing another deal.

equally, i think we're going to see a lot of capital flowing to the united states because as the world divides into these two halves, the good countries of the west, the free nations, the chinas, the pakistans, the irans of the world, people are going to look for stable government, going to look for rule of law. maria: yeah, sure. >> right. and that means that a lot of money and capital will come here and will go to places-- maria: i want to go back to china. go ahead, james. >> i wonder what you think in terms of president biden shows up for the meeting, he says mr. crown prince we would really like more oil. i'm wondering what is the ask back from the crown prince. assuming one thing is i never want to hear you say the word kashoogi again. what do you think the crown prince will ask for in return. >> i'm sure he doesn't like the mention of kashoogi. of course. he was hedging his bets under

the trump administration. huawei provided 5g services when we were in office. the trend has been going on for some time. that was the most pro alliance organization in history. the u.s./saudi relationship. so i think that he'll say, look, we want friendlier rhetoric, we want support for -- to protect our people. because you know what, if you care about human rights, you want the u.s. military involved in that effort to help saudi target the right people in yemen, otherwise you are going to have more civilian casualties there. maria: the partnership with china is concerning as china sends another 29 war planes into taiwan's defense zone yesterday. the foreign minister of taiwan shows the threat from beijing is more serious than ever, their quote, not mine. >> look, i've been telling clients that i think the invasion of taiwan comes sooner rather than later and i'm simply

basing this on the aggressive rhetoric and the tempo of the rhetoric and the actions they're taking. it's not just about taiwan. it's incursions into the islands, it's the defense minister saying that we'll go to war. we need far more urgency here. not just from us, but from the taiwanese themselves. they have a responsibility here to make their island more fort fortified and to train their people. they need to become another israel. xi jinping is sitting there and he's looking at how the west is reacting to putin's invasion. what can he conclude? look, we haven't sunk russia's economy, we haven't armed the ukrainians sufficiently enough for them to win the war expeditiously. we are not united. if you're sitting in beijing, what lesson do you take away. maria: it's good to see you. thanks so much. mary kissel joining us this morning. quick break and economists are raising the aharm on recession as a the white house maintains

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and helps me be prepared for unexpected events. they make me feel like i've got it all under control. [crowd cheers] because i do. okay, that was awesome. voya. be confident to and through retirement. maria: welcome back. actor bill cosby is guilty of sexually abusing a teenage girl in the 1970s. cheryl with the details. cheryl: a los angeles jury delivering the verdict. the jury also awarding her half a million dollars in damages. the verdict another legal defeat for the 84-year-old actor who was once hailed as america's dad. well, the biden administration is targeting the removal of nearly all nicotine in cigarettes sold in the u.s., although not likely taking effect for several years. the fda is inviting public comment and the chance for

tobacco companies to sue before publishing the final rule. according to the cdc, nearly 500,000 people die from smoking related deaths per year. uber is bringing back shared rides in selected cities after pulling the service for more than two years, feature allows riders to share a car with strangers going in a similar direction for a discount. it will be available in new york city, los angeles, san francisco, chicago, phoenix, san diego and portland. uber down 1 and three quarters percent this morning before the market opens. finally, there's this. mortgage applications jumping 8% last week compared with the previous week. the jump in mortgage rates to around 6% in may have actually pushed home buyers to close quick as many worry that rates are heading higher, they likely are. this as new york developers are turning empty wall street office buildings into apartments. and we've got brand-new episodes of american dream home tonight, maria, 9:00 p.m. eastern time. we follow doug and theresa,

they're done with new hampshire winters, they're ready for a new life in key west, florida. at 9:30 we go to hawaii, howie is done with snow and done with raising kids. it will be right here on fox business, did i mention 9:00 p.m. eastern. maria: that is awesome. how many times have you been to hawaii in the last couple years. cheryl: enough. and i'm going back, actually. so, yeah, i'm going to miss you in july. i always come back to you. maria: we'll be there tonight watching. thank you so much. meanwhile, white house press secretary karine jean-pierre trying to down play fears of a recession yesterday. watch. >> right now, we don't see a recession. right now. that is not -- we're not in a recession right now. right now we're in a transition where we are going to go into a place of stable and steady growth and that's going to be our focus. maria: we don't know that for sure. joining us right now is former kansas city federal reserve president and ceo, thomas hoenig.

he is the former fdic vice chairman, a distinguished senior fellow at the mercatus center and you were among the very lone dissenters, the lone dissenter throughout 2010 when the federal reserve was spewing out all of the easy money policies that we are all paying for today. thanks for being here this morning, thomas. >> thanks for having me. it's good to be with you again. good morning. maria: what are your thoughts? can we actually know that we're not in a recession right now. we know we had a contraction in the first quarter, the atlanta federal reserve is looking for zero growth if the second quarter. we may be in a recession right now. how does it feel to you? >> well, i think if we're not in a recession, we are certainly slowing towards a recession, it feels like and that's understandable. we've had this very significant inflation. we've had world conflict in which it's affected supplies and trade conflict, not just the ukraine war and then you have to correct for some very extensive

fiscal policies following the pandemic and a monetary policy excess so now you're tightening like a factor of seven here in the last three months in terms of interest rates going from 25 basis points to 175 and heading towards above 2. and you have quantitative tightening. that's going to create a great deal of reduction in liquidity, reduction in borrowing because of the cost increases which we see in the home market right now and then that creates its own volatility and uncertainty. so i'd say recession is a fair call. whether we're in it right now, i don't know. but i think we're pretty close. maria: so treasury secretary janet yellen claims that the fed can effectively fight inflation without raising unemployment and without taking us into recession. but thomas, what are your thoughts on the real important

questions to ask this morning when jay powell is up on capitol hill. you mentioned quantitative tightening. this is an important point. it's not just the fact that the fed is raising interest rates but it's also unwinding of that $9 trillion balance sheet. >> you know, the question that i would ask chairman powell is, what is the fed's plan going forward? i mean, you change from 50 basis points to 75. you let it be known a couple days before, is that your new plan. what is happening with quantitative tightening. you don't discuss it, what its impacts are going to be. i think those are extremely important questions. if the fed doesn't know the answer to that, they at least should be studying how this is going to affect the economy and i've not heard him talk about that as much as i think would be helpful and is he going to really stick to the plan as unemployment rates start to rise, and they will. we see where offers are being

pulled back. i read that this morning. so what is the fed's -- are they going to stick to the plan through thick and thin? what would change their mind? those are the kinds of questions i'd press, i think today. maria: thomas, we were in a period of slow -- we were in a period of slowdown when the federal reserve was beginning the tightening. i'm sorry, the quantitative easing. and you dissented and were against putting all of this free money and stimulus out there. what did you see and what do you think at this point? the federal reserve has to do to reverse this situation, now that we are up against 41-year high inflation? >> well, i think somehow -- the only discipline in monetary policy is that committee. there is no other rule based system out there. they have to think longer term than they have been.

my point is when you extend money that aggressively as they did in 2010, you create consequences, if not price inflation, and i didn't argue that it would necessarily only be price inflation, but asset inflation, so now you have 8% inflation and i don't know of an easy way, perhaps they do, of bringing that inflation back down towards 2% or less without causing a recession. i mean, they were so far behind the curve and you cannot implement a priceless policy which they did with the great financial recession and now with the pandemic and then it's not just that you put it in the crisis, but you maintain that policy well after the crisis which they did in 2010 and now they did again in 2021 and not get some really negative consequences. and that's now being shown in

both asset and price inflation and now this massive tightening which i think will disrupt the economy further and unavoidably so. so i don't see any easing of the situation. i don't see a mild soft landing coming our way, frankly. i may be wrong. i hope i am. maria: thomas, i don't understand why just a few weeks before they actually started raising rates they were actually still buying assets, expanding the balance sheet. i mean, i -- how is that possible? >> well, that's a very fair question to ask. i think that it was clear that the economy was in recovery and i know pandemic was an issue and they were uncertain about it. but those are -- that is outside the monetary policy control so when you then do fiscal policy and you monetize all the spending and you see this

build-up of inflation and people talking and being concerned about it and then ignore it until march of 2022, i don't understand it and that's because partly there is no rule-based monetary policy. it's these individuals with their own biases, their own experience or lack of experience in making these decisions and i think that is why we have these errors because you're in the moment and the human nature is to take the short run look at things and, therefore, you massively increase the money supply rather than say wait a minute, what about two years from now or three years from now what this is going to lead to and that's really i'll say a flaw in the process of monetary policy and that is not having a long run view. maria: not having a long run view and also perhaps getting mired in politics. let's face it. when jay powell was telling us it's transitory, it's transitory, it's temporary, he

was also looking at a reappointment period that he was hoping joe biden was going to reappoint him to another term, which he did. did any of that play into the fact that for a year he told us it was transitory? i mean, how do you miss that? you knew it. >> well, i don't know what was in jay powell's mind at the time but certainly politics dozen does enter into monetary polic. presidents don't want to see interest rates rise quickly in most circumstances, the congress doesn't really want to. they also want the fed to monetize the debt. in other words, i can spend my money, i borrow it. the fed keeps interest rates low by bringing that onto their balance sheet. those are all political factors that go into the deliberation, kind of subrosa if you will but it's always on their mind.

certainly was on my mind during that period and those are the factors that you have to get through. and without a rule-based system, those things are going to sometimes dominate and they certainly have over the last decade and-a-half. maria: thomas, you're doing really important work. we appreciate you. we appreciate your time this morning. thank you, sir. thomas hoenig joining us this morning. stay with us. we'll be right back. mamá, growing up... you were so good to me. you worked hard to save for my future. so now... i want to thank you. i started investing with vanguard to help take care of you, like you took care of me. te quiero, mamá. only at vanguard you're more than just an investor you're an owner. helping you take care of the ones you love. that's the value of ownership.

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maria: welcome back. bitcoin is sinking again this morning, take a look. it fell below $18,000 over the weekend and it is currently now at 20520 with all eyes on crip to. crypto, our next guests are giving back to america's heros. challenge coin is the first ever true military cryptocurrency. 4% of every transaction goes to military charities to aid veterans. we are so grateful for them. joining me now is former seal team 6 member who killed osama bin laden. also joining us is rob davis. thanks for joining us. what an interesting idea. tell me more about challenge coin and what inspired you first, rob.

>> we think cryptocurrency is the future for long-term investsment and what inspired us is the history of challenge coins in the military. and there's a lot of differing speculation on how it happened but it kind of goes back to emperor maximus. he would pay in coins. and the better they did, the more gallantry they showed the more coins they would go. it went to world war i with off aviators. one guy was shot down behind german lines, they took everything except for his clothes. he's scaped the german, got over the french lines. whether they were searching him they found the coin with his unit and he got returned. world war ii, vietnam, the first special forces group would carry them because they were working in southwest asia and a lot of covert stuff and they wouldn't recognize the medals so they made them coins, first special forces group with the sword

meaning they're ready for action. all units have them, first responders have them. i got one from home depot, one from president obama, after the bin laden raid they presented them to us. for the challenge coin, crypto, we're going to make our own coin so people can have a challenge coin from us. maria: does it challenge things that the crypto market has been plummeting. it was below 18,000 over the weekend. >> a couple years ago they would think no it would have never gotten to 18,000. we're still up so much money and it's going to bounce back. maria: tell me what the value is of these coins. you brought in coins. these are not the actual coins, though. >> these are not the coins. these are examples of challenge coins. this is my own, robert o'neil curve. i brought one of those in. one from seal team 6, the unit that took out bin laden. we have a make name right there. i -- nickname right there.

armed forces brewing company, we make coins. we'll get them the physical coin. 4% goes to a certain foundation. maria: which is such a nice thing. how do you derive value from this coin? tell us. >> cryptocurrency is like any store owned value, doesn't have to be a currency. we call it crypto. what's a baseball card worth to you? if it's valuable to you, people want to pay for it, then that's what the value is. with cryptocurrency if you give back to the military, that's a use case, tangibleity, functionality, not tangibleity. but -- maria: it's fungible. >> exactly. maria: rob, i think it's such a good idea to just focus on the military. everybody wants to give back to the military, thank our veterans, also have a way -- there's a debate on where the value is in the coins. >> there is a debate. when people invests we give back to. my foundation where we

transition special operators to the private sector, not just the vets but families, second careers, yesterday, 366 families transitioned to the private sector. some will go to that. we have the seal future foundation. same thing. the navy seal museum in fort pierce, florida where the life boat from where we rescued captain richard phillips is. if you want to learn the history, we donate to that. we teach veterans how to scuba dive. maria: seal team 6, i'm in awe of you, thank you so much, the team. you're out with a new book. >> we're working on this every day. every day's a blessing. maria: congratulations. thanks very much. good to see you both. thank you, gentlemen. coming up, it is not worth it. kamala harris' unpopularity krauses a new crash in prices. we'll tell you why and what in the next hot topic buzz.

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maria: welcome back, time for "hot topic buzz," the price of everything is going up, one thing seeing a huge price cut, that is the the democratic national committee he lowering the price of a photo-op with vice president kamala harris to 5,000 dollars that is down

from 15,000 dollars. her appearance last month's women's leadership forum postponed over poor sales one easier writes wonder what they could draw if she promising not to show up i didn't even know they were charging for a photo-op 15,,000, down to 5,000. steve: u.s. dollars or zimbabwe dollars, but just goes to show stock price are down she has been in a perpetual bear market. >> sure has. nobody sees her as president of the united states number thinks she can do the job. >> -- vice president job in i don't know. monica: only area deflaegs, count vice president biden poll numbers low, low 30 hose

her poll numbers mid 30s not much better potential state nervous breakdown not surprised nobody wants to show up to meet her. maria: she does have a charging 2,000 dollars photo open kamala harris? wow. james: she hasn't set world on fire i thinks white house not treated her well sent out to be javelin catcher on some policies i am not sure if activist democratic i don't buy in there you look at 2024 what are the options for them? facing the same problem in 2020 just not a lot of good options. maria: that is right, next hour of "mornings with maria" begins right now. . . maria: good wednesday morning thanks very much for joining us this morning, i am maria bartiromo, it is wednesday, june 22 top stories 8:00 a.m.

on the east coast, markets plummeting again ahead of jay powell semiannual testimony on capitol hill this morning after president biden's new plan to get gasoline prices lower take a look at futures indicating a decline almost 400 points on dow industrials today, market opens in an hour and half we are expecting decline 180 nasdaq s&p 500 lower by 53 after yesterday's pretty good rally all three closed of you 1/2% on the session dow industrials up 641 nasdaq up 271, s&p higher by 90 points bitcoin this morning crashing again plunged below 18,000 over the weekend down again this morning, from a high of nearly 68,000 dollars back in november last year, president biden will officially announce a gas tax holiday today 2 pm eastern to bring down prices of energy chevron responded to attacks on oil company and industry profits of calling on administration to clarify the

rules on leasing, permitting, produced highest volume in 143-year history first quarter u.s. production one and a quarter million barrels a day first quarter chevron ceo mike worth noted in a letter to biden notwithstanding efforts your administration has largely south to criticize at times vilify our industry, the president responded, by mocking ceo, watch. >> -- chevron ceo complainant. >> i didn't know they had. oil prices pulling back in fact, take a look, the price brent 109.450 down about 4%, the price of crude oil 1203.39 down 5%, on crude oil glenn here aaa reporting the price of gasoline slightly lower this morning, at 4.95 a gallon across the country stocks selling off in europe as well

take a look, european markets down across the board, ft 100 down 90 cac quarante in paris down 1200 dax in germany lower by 264. uk inflation, by the way, hitting 40-year high as 9.1% this morning, everything in red in asia take a look worst in korea, hong kong each down 2405% "mornings with maria" is live right now. . mexican he cartels recruiting youngest gamers some as young as 11 years old to spy on law enforcement along the u.s.-mexico border, it is getting worse as we have been reporting are the keynoters using americans to smuggle drugs and people into united states largely numgs through social media, as border patrol youn warns morale among ranks in the toilet they blame joe biden's open-border policy the record migrant surge at the southern border joining the conversation all morning long steve o forbes james freeman

monica crowley great to have everybody on so many important issues you know we've taken this show to the southern border four times i have witnessed horror show firsthand, of course, at a -- low at morale border agents not supporting in terms of following the law. monica: exactly right on front lines trying to do very dangerous difficult job every day no support from the biden administration, or frankly from anywhere else in the federal government so that is no surprise. look, with every passing month now warmer months getting record numbers of illegal immigrants across the border 260,000 in last month, so the biden administration, is clearly presiding over he invasion we have respect candidates borrowed states carey lake in arizona saying if elected going to declare it an invasion, but look all of the overwhelming the border to

overwhelm american systems to create the chaos we have talked about early in the show. maria: 239,000 encounters in may, but that doesn't include got awaiting steve we know hundreds of thousands got away we see on surveillance cameras intentionally snuck in got in. steve: why mayorkas secretary homeland security should be impeached open borders say captured 50 terrorists how many did they not catch at least 500,000 got in illegally warning wandering around the can he corner agents are probably happy morale is down they don't want them to do jobs they want it wide open. this is just the human smuggle that cartels have taken home 200 million dollars a week, james 200 million dollars a

week, drug cartels on human smuggle cheryl reported the administration wants to man nicotine my thought what are they doing about fentanyl? >> the lawlessness is unacceptable you see this is increasingly a powerful political issue, are kind of across the board. now whether people like more immigration or want less immigration they all agree lawlessness at the border is not the answer, and we are talking about, kamala harris not being able to charge as much for not others this is one of those issues she was given by biden administration, i think was sent out to defend a indefensible policy instead of securing border into root causes, i think the theory is maybe some day if we can make it so that the united states, is -- not as awesome as rest of the world, then people won't want to move here, talk

about long-term project let's hope never succeed object that secure the border the message across the politicals spectrum. >> wig victory in texas flores just won turning over a seat democratheld 100 easier. >>. steve: right fentanyl coming in you can ply buy only easily killing kids. >> 100,000 overdose deaths last year continue conversation a break when we come back stocks declining again after a big rally jed ceo trennert here how you should be protecting yourself in face of messy market potential recession fox wisconsin prime tonight tune in to "mansion global" with casey mechanic donnell 8:00 p.m. eastern american dream home cheryl casone 9 pm a must watch program surprising way

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maria: stocks are lower this morning we had triple-digit sell-off following rebounds yesterday dow industrials down, almost 400 points, nasdaq is down almost 200 s&p 500 down 53, although yesterday we had a tech led rally, at the close gains across the board joining us right now to talk about volatility how to protect yourself the markets strategy arm of baird strategic ceo jason trennert great to see you what are you doing you've got money to manager research to write how do you assess this? >> i think we're -- probably

rapidly moving towards recession i think the fed is in a spot has no choice but focus on its really primary mandate fighting inflation, it can't worry about unfortunately, full employment can't really worry about asset prices so i think the fed put that we've gotten accustomed to 30 years i think gone. >> they have to unwind nine trillion-dollar balance sheet steve you wrote a book inflation your latest top seller what is the answer? steve: the answer is focus on a stable $, increase supply in the economy and things will heal themselves, one danger federal reserve tightens up, on this, is he are they going to back off when things hit the fan? you already have japanese yen in real trouble, they've got a financial crisis brewing. fed got backbone? and the only way they know how to fight inflation is by crushing demand?

instead of ib stabilizing the dollar increasing supply. >> unfortunately i don't think they have many other tools it is really whether they have the -- willingness or the fortitude to use tools that they have. and in my estimation i think going to be very difficult, to get out of this without unemployment moving meaningfully higher this is ease administration sports tightening politically popular to fight inflation because unemployment rate 3.6% things get a little different once unemployment rate starts moving higher, if you remember, in 70s i was around where -- didn't see -- but tractors would line outskirts of the federal reserve building, and paul volcker getting 2 by 4s in the mail people very upset with fed tightening monetary conditions politically seems to me already inflation is already enormous issue fed will become a political issue as well a, in my opinion,. >> you have dealt with this

over years treasury department among areas federal reserve chairman jay powell is headed to capitol hill today going to have to answer all these questions, thomas hoenig commentary earlier so important in terms of what he said the former president kansas city federal reserve, he was the loan dissenter in 010 federal reserve spewing out ease money he told us no what he told us 20 minutes ago. >> they have to be thinking lengther term than they have been my point is that when you extend money that aggressively as they did in 2010 you create consequences, if not price inflation didn't argue that it would necessarily be only fight inflation but asset inflation now you have the 8% inflation, i know of easy way perhaps they do, of bringing that inflation back down towards 2% or less, without causing a -- a recession.

>> a is there a precedent you could look at has fed ever been able to do that. >> not when in addition is already at this level, 1949 was period in which they prophylactically tried to fight before it got out of control much years it itself harder% inflation is already high, because it -- winds up getting into expectations, so gets into contracts gets into wages, gets into people's, all things people he do start making decisions based on what they think inflation will be. so it is in some ways, you know horse is already out of the barn that is why this will likely be painful very difficult, once inflation is 8.6% very difficult to get it down. >> painful monica. monica: extremely painful ineffecting every part of american society in life when you go back look at metrics that he we use for inflation. >> 70s before they changes it in 1980 again 990 if we

applied those met trix flaigz could o be 128, 19% what they are in consumer is feeling when they go to gas pump grocery store try to buy anything right? the american people are not prepared for what is coming, i and others maria everybody on this panel for well over a year talking when in addition, et cetera, tren trenched painful to dislodge it who would you tell people to prepare for what is in ex. >> investment point of view would i be careful on highly leveraged companies that very popular metric evaluation last several years price to salespeople buying stocks that are trading, not as price to earnings but price to cash flow, but 10 times sales 15 times sales would i get rid of all those companies, i focus on dividends i think diseased are much bigger part of the total return sounds cliche con senses but quality is going to

make a big difference cost of capital access to capital gets rationed what is happening now, we had a period of time during quantitative tightening the fe creating everyone gets a choke free cost of capital you would be kind of a -- company survive it is antibusiness cycle anticapitalism but the way it works tide going out fed doesn't have abilitied to do that. >> the agenda permeating the administration clean agenda the climate change agenda, i know that is creating even more costs, we spoke with the president of the florida a bankers association early said some companies will be forced to delist james wrote in this in op-ed this week about cost of this agenda, james, that in and of itself is causing inflation. james: certainly going to add costs across the country business all industries obviously, it is a big issue

for fossil fuels companies if banks are discouraged from lending to them but the for everyone, more reporting trying on the quantify climate risks unquantum fiable. >> steve talked to about in other supply in the economy the thinking how do we manage to avoid recession if president said the war on fossil fuels is over, and no tax increases, is that -- going to kind of bring us back from the ledger -- >> certainly would help, you know i think it would be more of a mild recession if you had recession at all i agent you have the don't see you are the expert the political expert i don't see movement on this administration to do anything, differently it seems to me doubling down. maria: that is what he wrote about today or this week, about every week there is another costly issue, corporations individuals to deal with around climate agenda before you go a market selling off again are you

finding opportunities, how do you deal with this as investor. >> would i hold more cash focus again on dividends companies that are going to distribute to some of the profits they earn back to you. is to me the way to protect yourself. steve: would you buy short-term treasurys 8% two years. >> makes more sense long-term treasuries seems to me short rates long rates headed higher seems to me. >> dow industrials down lows of the morning down 422 points, looks like, the second half, is -- is going to be another realization estimates are expected to come down. >> that is one other quick thing earnings estimates by the street have not come down yet. so that that is one of the things second quarter, starting couple weeks would i be very careful mindful of wall street estimates have not started to detect. >> could see self-second-quarter earnings reporting season. >> i think so. >> thanks very much jason

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ship across the country including in new york joe pinion running on republican ticket to unseat senate majority leader chuck schumer this november, new york senate candidate joe, great to see you. thanks very much for being here. al good to be with you maria, feels like home. how is campaign going? tell me about your campaign how resonateing. >> going well letting people know they have a chance to have a slois for the first time in 24 years what chuck schumer does in the name of new yorkers impacts every single american that calls this nation home whether talking about fentanyl streaming across the border loud chinese cartels to bring death, destruction, to rural mothers alike scomarn, city rochester new york crime more dangerous to live in

rochester, new york than choi, illinois not republican talking points untold story of pain and suffering that has occurred in new york state on chuck schumer's watch. will new yorkers vote to stop this, because you look at the bill de blasio election, smallest electorate came out to vote. >> as we travel from north country to montauk on long island you see frustration we have turned america bio"hunger games" people should recognition when you have states required by federal law to go out there, and acquire baby formula via, when largest manufacturer baby formula recall military grade crisis in this country individuals voted for federal law makes a requirement charles ellis shooumer formally senator from delaware joseph biden the issues no inviteure

institutional knowledge in d.c. if individuals who possess that don't know how to he he leverage it. >> watching chuck schumer further and further left to prevent an aoc primary challenge. >> right. >> he succeeded. >> correct. >> moving far enough to the left but how do you has he now opened up an opportunity for you that previous opponents didn't have. >> let's be very clear chuck schumer was same man as he was six years ago when he won 70% vote i wouldn't be sitting here, but the hard truth he was more concerned about a primary from alexandria ocasio-cortez than he was with honoring sacred oath to ensure people of this state new york city kept safe. >> 90% increase in shootings in new york city we saw many ways 30% increase in homicides because three most dangerous words ever uttered defund

police should be old enough wise enough experience enough to know policies that reckless lead to daet decay for people would compensate on law enforcement most, black bodies used as cannon fodder to make sure joseph biden could become president of this nation chuck schumer did nothing on his watch walked lbear brunt of that 125% increase assaults in 2021 more dangerous year 2022. maria: china -- walked it back being saying they didn't say it. >> congratulations go for it elect him fine man brilliant, american people will put up with a lot until they don't reach tipping point this year looks like it could be one of those realignments tipping point elections if any here republican can get elected in this deep blue state it is this year do i sense when you

look at last 20, 30 years, new york, california, we tend to elect republican governor federal offices are senators not so much what is your plan to get them to focus on your race bring that message up. maria: before you go new york city mayor eric adams revealed a plan for safer subways solo officer patrols rider safety awareness campaign did you anything to say about eric adams's plan. look seems like a little bit too little too late same mayor says on one day that it is unsafe for women to ride subways, on next day says, that he has no concerns about the fact that we have police officers retiring en masse. >> lay out you're -- >> i think quite clear i think to your point we have to leverage the power of the

purse to get people to take safety security of citizens clearly to your point, how do we make sure, that people are taking our race seriously? a man named tom daschle forgot heirs gligs to people of state not national neestedz political party, chuck schumer again is the preeminent architect american pill life if you are unhappy with world as it is today you not vote for architecture building chuck schumer built this world presideed over new york leader in out ward migration in this state one million friends neighbors have fled, because the opportunity that was promised to every american no longer lives here that is his legacy going to hold him accountable help us get the job done. >> a tax cut plan. reality is that we have to make sure, that we have a large influx of resources, to the average american that means simply reducing the

regulations making sure we can make sure americans aren't paying additional four hundred million dollars a year on gas, versus where wherp when joseph biden, took place, good place to start for economic relief for american people. >> a set of issues joe we will be watching your pain. >> absolutely thank you so much. >> great to have you joe pinion.com you said, coming up michael goodwin here what he says president biden has nothing to offer american people will join us right here next. stay with us. >> i got -- my mind-set on you he i got my mind set on you ♪♪ ♪ i got my mind set on you ♪♪ ♪ . say goodbye to daily insulin injections. omnipod is a tubeless, waterproof pod built to simplify life with diabetes.

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maria: welcome back. good wednesday morning. thanks very much for joining us. i'm maria bartiromo it is wednesday, june 22 look at markets this half an hour where we are looking at a lows of the morning, futures indicated a decline 448 points

this morning, the dow down 1 1/2% s&p 500 down 61, 1 and 2/3, nasdaq down 00 points one 3/4% lower sell-off persists ahead of jay powell testimony capitol hill this morning, all three major indices radically major stocks sinking on president biden's plan to offer a gasoline tax holiday, to offset the price of gas, of course, continues elevates all the oil stocks are down this morning, after being up 60, 70% year-to-date, female republican candidate notching victories two big virginia raves cheryl casone with details. cheryl: maria, former police officer vega advances in virginia, gop house primary

virginia house general kiggance, going to face incumbent democrated vulnerable after redistricting in military heavy there. >> katie, mo brooks, for a chance to win for u.s. senator in alabama, vernon jones, d.c. mayor bowser, off three challengers to the mayoral prime henry cuellar victory over jessica cisneros 28th district after very, very close recount there, well, three people, injured alive after plane made a fiery crash landing in miami tuesday, report stayed landing gear ma'am function crews being evacuated 126 aboard, mayor calling it miracle no one was

killed. it was. rob gronkowski announcing requirement for nfl for second time former patriots buccaneers tightened calling it career on instagram wrote i gave it everything i had good or bad every sometime i stepped on the field, "gronk"'s teammate, tom brady paid tribute to longtime friend saying in order o embodied the idea leasing it on the field like rob throughout career we love that. >> justin timberlake not bringing sexy back take a look at cringeworthy moves have gone >> ♪♪ ♪♪ ♪♪ ♪ was it the clothes onstage at something in the water music

festival over the weekend one point was doing his version of d.c. famous dance popular in d.c. 20 years, but fans un-i am impressed one call it on twitter an awkward hokeypokey. a -- dancing justin you know what that reminds me of? he -- >> that is true. >> lost coolness. >> bar pretty high i guess i am not dancing anymore in public. >> tough crowd. >> all right. thank you cheryl president biden jetted off to delaware for four day beach trip giving first one-on-one interview in months "new york post" columnist michael goodwin penned new op-ed called joe biden has nothing to offer writes quote we have a

president, who doesn't even pretend to be working night and day to beat back inflation save economy from recession he looks on automatic pilot when nice desperately needs strong leadership michael goodwin fox news contributor thanks for being here unfortunately all things you write about tie are hitting america's pocketbook affecting lives, tell us more. >> good morning, maria. look i think, every president runs into problems, goes with the turf with joe biden you never get a change of gears, and i referenced the associated press interview he did last week first one in four months that he did, solo interview, other than late night comedians an opportunity to reset the nation's view of him i mean polls are what 38, 39% approval everywhere.

each in new york 35%. amazing. and yet he has this interview 30 minutes, and basically says nothing, he makes no news. he -- the big takeaway is that he doesn't think inflation -- recession is inevitable, that is it, i mean no sense that i am going to change course i am going to shift gears, we're going to do something different. i mean that would be the proper use of an exclusive interview like this by the president he doesn't do that it is the same joe biden, blaming putin blaming trump blaming everybody but himself. even when he falls off bike he blames the pedals. maria: right you the. >> there is always somebody else, and -- >> president of the united states, the president of the united states looks weak i think that is his problem, is that people look to him for answers, he doesn't have any they look away so i think he

is running out of time certainly before midterms to give people another reason to trust him, on this inflation issue. maria: that is what businesses are saying i spoke with ken langone saidtime to admit this one is on me with all the spending beginning with covid relief package passed into law in march of 2021, an inflation timeline says it all but the other thing are lies michael, he just spews out falsities james freeman out with op-ed basically saying that he is telling us he is doing everything that he can to get gasoline prices lower does the opposite. >> more and more expensive to use fossil fuels, consume fossil fuels produce them, michael, i do have a question, and your column is a must read but if, as you said, he is not had a policy turn.

isn't it good that he spends more time at the beach? i ideally until stop -- trying to get some portion of "build back better" compacted don't we want him at delaware house all the time, a european style vacation for him 6, 8 weeks? >> on the theory he can do no more harm, look. that may be the best we can hope for, but he is president he still has an awesome amount of power at his disposal to make things different, and i don't know how frankly james, you know any president seeing this kind of impact on people's lives, inflation is causing families the baby formula shortage, et cetera, where he doesn't stay up nights, where he doesn't really throw himself into the fight. i mean, there is something missing here, there is -- a lack of compassion, if not

just a lack of ideas. maria: was this a freudian slip by karine jean-pierre revealing that the president's true intentions on gasoline prices is a transition, watch this. >> the -- very clear making sure that he does everything that he can -- to -- to elevate, alleviate the -- you know the -- the pain that american families are feeling when it comes to gas prices. maria: well there you have it said elevate first biden expected to announce a gas took holiday today michael, the national average for regular gasoline 4.95 a gallon is this gas tax holiday going to do anything? >> uh in the short term, minor at best think of this now maria, that this idea has been talked about for months. some of the states have already done this, you know. the -- if you want to blame this on -- on russia, the

invasion in february why at the end of june deciding a gas tax holiday a temporary one? there are a lot of issues like this, where you get the sense that biden is just dithering float idea considering it considering it capital gain it, it spears. >> ron klain running the country susan rice? i think i that is open question honestly a lot of people think barack obama's third term a lot of obama people in there. maria: yes. >> clearly, there is a lack of a central command structure, that is responding in good timely fashion. steve: do you think biden is going to last out this term? >> you know steve it is very

hard to say that, i mean i look at him the way he moves, that -- and the fall last weekend, hard to see how he continues for another two and a half years, i think the midterms will be a very significant factor in what the democratic party demands from him. maria: i am sure you are right michael come back soon thanks very much, love having you here michael goodwin york post" thank you, sir. . we'll be right back. . , voya provides comprehensive solutions, and shows me how to get the most out of my workplace benefits. voya helps me feel like i got it all under control. voya. well planned. well invested. well protected. >> the day you get your clearchoice dental implants makes every day... a "let's dig in" day... >> mm. >> ...a "chow down" day... a "take a big bite" day... a "perfectly delicious" day... >> mm. [ chuckles ]

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maria: welcome back, senate debating bipartisan gun reform bill following two major mass shootings in buffalo and uvalde, texas including mental health funding enhanced background checks funding for red flag laws biggest change in decades we are learning details that the uvalde stool shooting where experts testified in a texas stated senate hearing saying the schools doors were unlocked, even though cops reported it differently. joining us right now former federal prosecutor fox news contributor andrew mccarthy great to see you this morning. thanks so much for being here. hi maria. maria: what do you make of latest reporting the doors at the school were unlocked?

>> this just seems like complete incompetence top to bottom i think the tell the bigger framework is discussion aboutrun regulation, and what the people who want to restrict second amendment rights, want you to buy is the idea that we don't need to defend ourselves because police will defend us. and the context of this has to be one of the most -- appalling performs by the police that we've seen in one of these events in a long time. >> in terms of about what happened in texas there is going to be a real investigation on that? i am surprised there hasn't been more of a governor getting involved, bringing in the% rangers this was a catastrophic failure. and they just seem to be slow walking it doing investigation, where is sense of urgency outrage.

>> certainly lot of outrage publicly i thought steve that was a pretty scathing report yesterday, and you know the idea that they by name said commander of that school district was singularly perceptible for a lot of breakdowns then lay out in detail that police were there dithere.ing an hour children in the classroom nobody tried get in door i don't see having laid all that out you leave it there do nothing i take it going to move on that. maria: what a shame, what a horrible report. look. we are also wanting to ask you about the fate of roe v. wade. the supreme court set to release another round of opinions tomorrow what do you think andy? obviously, this has been the hot button topic of the day. >> well, you know i really thought maria that when we

first got a draft in an was leaked irresponsible by justice alighto but obviously, somebody inside court unhappy with outlook best thing for all concerned would have been for court to put opinion out instantly since they didn't do that i imagine this is going to be very end they have 12 cases left maybe we get it tomorrow i think may get it later in the week or beginning next week. but, one thing that i think has happened from the fact that this is now carried out over weeks instead of one big event like usual where we see supreme court case come out i think, people are understanding that if roe v. wade is overturned, by the dobbs case, life in america is not going to change the next day the sky is not going to fall, all this has ever been about is leaving abortion regulation in the place where it never should have been taken away from in the first place which is the stiet. maria: right. >> the sky is not going to

fall things are not going to be catastrophic, in america, so some places will have stepped up regulations some eased regulations but life will go on. >> activists want you to think all rights are about to be tone away, the great article on january 6 hearings you published what have we learned out of january 6 hearings? where is this going if republicans continue to say, that these subpoenas are illegitimate because committee is illegitimate having stopped mccarthy from putting any republicans of his choice on it. >> i think, i would say two things maria, one the trajectory of the story as we know it has not really changed some interesting i.t.ed bitsed the political integrity the way composed turning off a lot of country they have a story

to tell but a lot of people aren't listening to it. maria: especially dealing with inflation gasoline prices where they are seems priority one for the american people good to see you. thanks very much for great analysis, as always, joining us quick break, then queen bee beyoncé new showning might be chelg the great resignation the big buzz, next. ♪♪ ♪ . . ...

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maria: welcome back. time for the big buzz of the morning. beyonce's new song could be contributing to the great resignation. listen to the lyrics from "break my soul" ♪ they work me so damn hard ♪ they work me that's why i can not sleep at night ♪ maria: many think she's sending a new message about seeking new work if unsatisfied in their current job, even as we have a record number of jobs open a new report from indeed shows most companies are slowing their hiring over recession fears. is the queen messaging us? >> well i think most of us have not worked as hard and product everly as beyonce so maybe we shouldn't quit our jobs just yet

it's a great job market but everything we've heard suggests it might not last. maria: what do you think? >> we but very careful before you resign. the economy is running into trouble and you may have more time listening to that song than you might like. maria: things can turnaround on a dime. >> listen and dance to it but do not take beyonce's job seeking advice. maria: this is a fantastic force , great to see you all have a great day, "varney" & company begins right now. stu take it away. stuart: good morning, maria, good morning, everyone. inflation has rattled consumers and rattled the markets, now comes the blame game. today, the biden team goes after the oil companies. big oil executives will meet energy secretary jennifer granholm. look after 18 months of bashing the energy industry, biden now wants them to increase refining capacity. oh, that's fine but you can't just snap your fingers and do that in the short-term and it is his green policies that caused our energy crisis in the first place, that's my opinion. biden also wants to sus